Tag Archives: wonga.com

Wonga Payday Loans… For Business?!

Wonga Payday Loans... For Business?!

When I read that Wonga were entering the business loan sector I have to admit I laughed to myself… especially if their business loans work in the same way as a payday loan.

Well I took a look at the website and I was… not surprised. It’s essentially a duplicate of their standard website and they use the same “slider” system they have on their payday loan counterpart.

With a lot of businesses facing another recession and difficulty in obtaining finance the idea behind Wonga business loans is a good one, however, I have a feeling that they should be turned to as a last resort – much like a payday loan. In fact the Financial Times have already said that businesses face yearly APRs of 280%… cheaper than a payday loan but still a bit concerning when you compare it to a standard unsecured loan.

However, I’m not one to go off on an tirade like an angry politician or an ambitious journalist. I believe that there is space for an alternative form of finance for businesses – whether they turn to a Wonga business loan or look to a business cash advance.

Wonga are offering up to £10,000 over a loan period of 10 – 52 days (seems a bit short to me) and is a relatively quick, painless process.

For a small business unable to obtain credit it may be worthwhile checking out their business loan offering… it could mean the difference between business growth and stagnation. If I were in a situation where I needed this type of loan I’d certainly consider it as an option.

GetMeToPayday – A Quick Review

Whilst GetMeToPayday are not a payday loan lender they are a trusted broker in the lending industry as they have access to a number of trusted payday loan companies. Consequently they are in a good position to find the best short term loan to suit your needs.

By using a payday loan broker like GetMeToPayday usually ensures that you find at least one payday lender who will be able to lend to you. However, like any loan or credit it’s extremely important to ensure that you can repay the loan on the due date.

So what are the main benefits of obtaining a payday loan through this company?

As a broker they will obtain a loan with a reputable payday lender.

They can find the most competitive rates on payday loans.

The loan decision is extremely quick and money can be in your account the same day (in some cases mere hours).

There are obvious benefits to taking out a short term loan with a broker, however, we strongly recommend comparing payday loans and their criteria before making any decision.

Safe Loans – Not Just A Payday Loan Company?

I stumbled across a payday loan company called Safe Loans today and was intrigued… let me tell you why.

Safe Loans work in a slightly different way to traditional payday loan companies. Rather than restricting the loan period to one month they will actually allow you to extend it to as much as 4 months.

So for people who may otherwise struggle to repay a payday loan after a month they have a little extra time to get the money together to repay it. In fact it splits the loan repayments into 4 – so you’re effectively paying what you can afford to rather than paying it all in one go.

Safe Loans have actually been around since 1989 – longer than any other short term payday lender in the market at the moment.

I was surprised by this as payday loans have only really come about in the last 10 years or so. However, short term loans have been around for far longer so I guess these guys fall into the former category – but like any finance company they have to evolve with the changing market.

Like the majority of payday loan companies they also abide by the Consumer Credit Association and are committed to treating customers fairly.

In addition to this they are very exact with their customer requirements and who they lend to. Safe Loans state that they will only lend to people who are over the age of 18, have a UK bank account (with a debit card linked to it), earn at least £800 a month, an email address and mobile phone.

So… in the most basic sense Safe Loans are a payday lender, however, they are far more flexible when it comes to their loan term.

It is important though to try and pick the shortest loan period if possible as this will keep interest rates low. The longer the period of time you borrow the loan for – the more you will have to repay.

Interested? We advise that you compare payday loans in the market before simply applying. It’s important that you find one to suit your needs.

TXTLoan Benefits – A Quick Look

TXTLoan are a payday loan company with a difference.

Like any payday loan firm they can offer small short term loans between £100 and £500 a month. However, unlile other payday lenders they also offer the ability to apply via your mobile phone.

As strange as it sounds it is actually that simple. You register on the website then, once approved, you send the company a text message and they can transfer the payday loan into your bank account within minutes!

Incredible when you think about it… according to the company it takes around 11 minutes to apply and take out a payday loan – far quicker than any other lender in the market at the moment. However, this is a little debatable as they all claim to be fast – from Wonga to PaydayUK.

Like all payday loans it’s very important not to be fooled by the ridiculously high APR quoted on the website – trust me, this is not what you repay. APRs are based over a year – remember a payday loan is only a monthly loan.

When it comes to interest rates TXTLoan are probably one of the cheapest on the market – an example quoted on the website of £100 accumulates 17% interest – so the amount the borrower repays is simply £117.

Whilst TXTLoan are not one of the longest running payday loan firms out there at the moment they are one of the most trusted and have been featured on the BBC, The Guardian and a number of other high-profile news publications and media.

They are also licenced by the Office of Fair Trading and they operate a responsible lending and treating customers fairly policy. You could do worse than taking out a payday loan with TXTLoan.

Compare payday loans with Creditwindow.

A Review Of Payday Express

Payday Express are probably one of the longest running payday loan companies in the marketplace.

The firm sees their short-term loan solution as a way of “bridging the payday gap” between when you need the money and your next payday.

They have been offering short term loan solutions since 1999, however oddly enough, unlike Wonga, PaydayUK and QuickQuid they’re not as well known. This is undoubtedly due to their relatively low-profile in the press and media.

In spite of this it doesn’t make them any less trustworthy when it comes to borrowing payday loans. They effectively offer the same thing – a payday loan amount between £80 – £800 over a monthly period.

They have a fixed interest rate of around 25%, however, like any payday loan firm they have to state their Annual Percentage Rate (APR) which is 1737%. Again – whilst this sounds like a lot the fixed interest rate is the true measurement of the amount you repay. For example, if you borrow £100 you repay £125 on the agreed repayment date.

If you are unable to meet the repayment it’s important to tell Payday Express so that you can set-up a payment plan, however, you should try to repay this as quickly as possible as interest rates can quickly creep up on you.

Payday Express is a nice quick online process – you simply enter your details and you can be approved within minutes. That’s one of the nice and convenient things about faxless payday loans – no paperwork and no waiting for approval.

Whilst the payday lender are as trustworthy as any other well-established firm it is still important to remember – don’t borrow more than you can afford to pay back.

Not convinced? Compare payday loans with Creditwindow.

QuickQuid – A Quick Review

In much the same way as PaydayUK, QuickQuid has been around for a number of years and in this case is actually a globally established lender, operating worldwide, making them one of the most trusted payday loan firms in the UK.

QuickQuid originally started out as CashNetUSA – a US based payday loan firm back in 2004 and QuickQuid was launch shortly after in 2007.

In much the same way as PaydayUK and Wonga.com they are dedicated to responsible lending practices to ensure that they only lend to people they believe can repay the loan. This is another reason why the likes of QuickQuid are so stringent in their criteria of who they lend to.

QuickQuid will only lend to people who are employed, aged over 18, live in the UK and have a valid UK bank account.

However, like most compliant payday lenders they also state that they will only lend an amount they’re sure the borrower can repay at the end of the month. In spite of this, if the borrower is unable to repay it at month-end, they do have the option of deferring payday loan repayments so that they can repay it in manageable chunks over a few months.

It is worth bearing in mind though that, like any other loan, the sooner you repay the short term loan the less interest you will have to pay. So repaying the payday loan quickly is in your best interests.

So the question remains – should you borrow from QuickQuid? The simple answer is – it’s up to you but bear in mind that these guys have been around for as long as PaydayUK and longer than Wonga.com. They follow similar compliance processes.

Still unsure? Compare payday loans with Creditwindow.

Find out when a payday loan can be useful. Compare payday loans with Creditwindow.

Admittedly payday loans are not most people’s answer to short-term borrowing as an authorised bank overdraft or credit card tends to be the preferred short term loan of choice.

Unfortunately not everyone has access to credit cards or authorised bank overdrafts – usually because their credit score isn’t in great shape or they simply have no credit history to speak of.

Fortunately payday loans can help in these cases… as long as you have a permanent job, earn over £750 per month, have a bank account and are aged over 18.

Payday loans can be useful in many circumstances as they are a very quick source of short-term lending. Did you know that you can get money into your account within a few hours? Well with a payday loan you can, unlike other forms of unsecured loans.

But when is the right time to take out a payday loan?

That is a bit like asking “when will I need my credit card” or “when will I need my bank overdraft?”

Think about it for a minute – when would having a credit card or bank overdraft be useful? When you have a plumbing disaster to take care of or maybe your car has broken down and it’s in need of urgent repairs… whatever the emergency or unexpected cost a payday loan could help to bridge the gap until payday.

So do you need to bridge the payday gap for an unexpected bill? If so then a payday loan could be what you’re looking for.

Compare payday loans with Creditwindow and find the right one to suit you.

Wonga Payday Loans – What Makes Them Different?

With the growth of the payday loan market in the UK Wonga is probably the best known out of all the major players – thanks largely to their television advertising.

In truth Wonga’s television advertising and Viral marketing campaigns are probably the only things that really set them apart from other payday lenders.

If you look at the average payday loan television advert out there by the likes of QuickQuid and PaydayUk, as just two examples, the advertising campaigns tend to be pretty dire, only matched by the likes of those Cash 4 Gold adverts.

Ok, I’m probably being a little unfair to Wonga – there are aspects that do set them apart from other payday loan firms. Let’s take a look at a few:

Wonga are probably one of the only payday lenders that really are up-front about the amount they charge people. It’s fair to say they were ground-breaking in introducing people to their “slide-bar calculator” that effectively tells you how much you will need to pay back if you choose to borrow the amount you specify.

Wonga will only lend smaller amounts up-front – for instance they publicly state that the maximum amount you can borrow (as long as you can repay it) is £400. In comparison some payday loan firms actually state that they lend up to £1,000 – grossly misleading, especially since many lenders will not actually lend this amount the first time round. Wonga is at least transparent in this regard.

Wonga’s interest rates are lower if you borrow a payday loan over a shorter period of time – the lower the interest rate will be. For example, most payday loan companies fix the length of time over a monthly period so you are obliged to repay the loan with the full month’s interest. With Wonga you can actually specify the loan period – pretty flexible if you ask me.

So are Wonga the same as every other payday loan firm? Well – they are still a payday loan company – whatever else they claim to be, however, they do have a number of differences that make them stand out. Would I borrow from Wonga if I needed to? Probably.

Payday Loans On The Cards For Millions Of Brits

Insolvency experts are expecting to see an increase in British consumers taking out payday loans over the next six months or so.

With the impact of high inflation, low income and high unemployment, many British consumers are expected to turn to payday loans to last them until payday, insolvency experts have claimed.

Insolvency experts, R3 have reported that they expect the number of people taking out payday loans to increase based on the responses of 2,000 people.

The survey by R3 showed that 60% surveyed were concerned about their level of debt and, probably more worryingly, 45% struggled to make their money last until payday. This actually increased to 62% for 24 – 44 year olds.

The £2 billion-a-year payday loan industry is thought to be a cheaper alternative to than going overdrawn or facing a credit card charge, hence why they are becoming more popular than ever.

However, consumers are urged to ensure they re-pay the short term loans back as quickly as possible, otherwise they could end up facing more expensive roll-over, monthly charges – known as deferrals in the industry.

With the increasing number of people turning to payday loans, otherwise known as payday advances, both politicians and insolvency practicioners are becoming increasing concerned about the number of people falling into debt. As a result they have called for a standardised industry code of practice to be introduced to help ensure that customers are treated fairly.

In spite of this the majority of authorised payday lenders, such as Wonga.com, PaydayUK and QuickQuid, are members of the consumer finance organisation, an authority that strives to regulate payday loan firms and other financial organisations that are not necessarily controlled by the Financial Services Authority (FSA).

This writer has a feeling that 2012 will prove to be a very interesting year for payday loan firms, especially now tighter regulations are being called for from all sides…

Quick Short Term Loans Easier To Obtain Than Ever

Applying for quick, short-term loans has never been easier. With more and more payday lenders and other providers offering quick loans through the internet, obtaining a loan can, in many cases, be even easier. You could even get the cash into your bank account on the same day you apply for it!

Whilst payday loans get a lot of bad press it’s worth bearing in mind that they do serve an essential service to many people, especially those with poor credit scores, unable to take out credit cards or other types of loans.

It’s not always easy to balance your finances when there are so many bills and other outgoings over the course of the month, possibly made even worse by other unexpected costs (for example, your car breaking down).

When you don’t have access to credit cards or an overdraft facility on your bank account and you’re being faced with unexpected costs it’s important to have something you know you can rely on. Applying for a poor credit loan or payday loan could help you to bridge that gap until your next payday.

To find out how you can improve your credit score why not check out our other articles:

What is a credit rating and how does it effect me?

Five top tips to improve your finances

Checking your credit score and keeping it high

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